You will hear a lot of people tell that you that our economy has improved and that the recession is over. Granted there is some truth to that statement, but sometimes it paints an overly optimistic picture. We certainly have fewer homes on the market and thus a smaller inventory of houses to choose from, and according to the law of supply and demand the prices alone should be higher for this reason. I think they are stabilizing because of this reason, but that doesn’t mean there aren’t deals to be had. Consider some of my reasoning below, and if you agree, contact a real estate agent in order to sell your home fast so that you can take advantage now.
Interest rates are low, and despite the cries of the mortgage industry that they will be on the rise very soon we haven’t seen them go anywhere but down, down, down. Lower interest rates make for very cheap loans, which in turn can help you to afford more house. I have refinanced twice this year alone, and am still considering selling my house next year if the rates remain low. Mortgage interest may be tax deductible but that doesn’t mean we want to pay a whole lot of it.
Do you have a growing family? Five years ago a growing family had to look at much smaller starter homes, whereas they can now look at homes that will accommodate them throughout their entire lives. I truly think that the term “starter home†is on its way out the door with all the affordable housing available. If you are married and thinking about having children, or more children, you don’t want to miss out on an opportunity to expand your living area while you can afford it.
The housing market looks like it has finally bottomed out. This is really the best news of all, since most people with good credit and a desire to own a home are simply gun shy. They are worried that they will buy and that we will experience a double dip recession and their homes values will once again drop. While nobody has a crystal ball and can predict the future, the values has been stabilizing for quite some time now, jobs are increasing, and we have seen an overall turnaround in the economy.
Whatever you decide make sure you educate yourself every step of the way. As long as you make a well informed decision you probably can’t go wrong.
